Republic Airways Holdings has filed its reorganization plan with the US Bankruptcy Court in the Southern District of New York, detailing its strategy to emerge from bankruptcy in the first quarter of 2017.
It will transition to a single air carrier under the Republic Airline Inc. name operating the world’s largest fleet of Embraer E170 and E175 aircraft.
The Disclosure Statement outlined the progress achieved in renegotiating and extending its agreements with its operational partners American Airlines , Delta, and United.
It has restructured debt on over 80 aircraft, streamlined operations and improved efficiencies, it said.
"Today’s announcement illustrates what a team can accomplish when it’s focused on delivering an exceptional experience for its customers and associates. We have achieved each of the restructuring goals set at the onset of this case, while restoring our airline to a level of operational excellence unmatched in our industry," said Bryan Bedford, Republic’s Chief Executive Officer.
"The airline has achieved a 99.7% controllable completion rate in 2016 and is exceeding that level of performance in Q4. These collective results are a true testament to our people and how committed they are."
Plane maker Embraer agreed to formally transfer a $1 billion order for 24 E175 jets to United Airlines which was originally placed by Republic.
Indianapolis-based Republic Airways Holdings filed for Chapter 11 protection in February, citing pilot shortages and an ongoing labor dispute.
It provides hub feeder services for the big three airlines under the American Eagle, Delta Connection and United Express brand names.
